Description: In its most elemental form, the federal budget is a comprehensive accounting of the government’s spending, revenues, and borrowing. This fact sheet provides a brief overview of the basic terminology and concepts used in the federal budget process.

Description: In its most elemental form, the federal budget is a comprehensive accounting of the government’s spending, revenues, and borrowing. This fact sheet provides a brief overview of the basic terminology and concepts used in the federal budget process.

Description: In its most elemental form, the federal budget is a comprehensive accounting of the government’s spending, revenues, and borrowing. This fact sheet provides a brief overview of the basic terminology and concepts used in the federal budget process.

Description: The gross federal debt consists of the debt held by the public plus the debt held by government accounts. Almost all of the gross federal debt is subject to a public debt limit, as set forth in statute (31 U.S.C. 3101).This report considers legislation needed to change the public debt limit.

Description: Consideration of a concurrent budget resolution is governed by special procedures in the House and Senate. Although the procedures of each chamber differ, they serve generally to expedite consideration of the budget resolution.

Description: Consideration of a concurrent budget resolution is governed by special procedures in the House and Senate. Although the procedures of each chamber differ, they serve generally to expedite consideration of the budget resolution.